TPG RE Finance Trust (TRTX) investor relations material

Executive summary

• Delivered a strong start to 2026 with net income attributable to common stockholders of $15.2 million, out-earning the common stock dividend and maintaining a 100% performing loan portfolio, with stable risk ratings and no negative credit migration.

• Office exposure reduced to less than 5% of the balance sheet following full repayment of a major office loan and partial repayment of another; nearly 70% of loans are newer originations post-January 2023, mainly multifamily and industrial.

• Loan portfolio now predominantly consists of 2023 and newer originations, providing a favorable credit profile and steady earnings.

• Continued focus on multifamily and industrial sectors, supported by robust origination activity and strong borrower relationships.

• Positioned to capitalize on a robust investment pipeline for the remainder of 2026.

Financial highlights

• Reported GAAP net income of $15.2 million ($0.19 per diluted share) for Q1 2026, with Distributable Earnings of $19.5 million ($0.25 per diluted share), covering the $0.24 per share dividend at a 1.04x ratio.

• Book value per share at quarter end was $11.06, a slight decrease from $11.07 at year-end 2025.

• Net assets remained flat quarter-over-quarter at $4.1 billion, up 26% year-over-year.

• Repurchased 557,000 shares for $4.5 million, increasing book value by $0.02 per share.

• Declared a $0.24 per share common dividend and paid $0.3906 per share on Series C Preferred Stock.

Outlook and guidance

• Expectation to finish 2026 with a majority of the balance sheet in 2023 and newer loans, enhancing credit quality.

• Pipeline includes $535 million of executed term sheets, with additional origination opportunities anticipated.

• Management expects the loan portfolio and strong balance sheet to support investment opportunities through 2026, while monitoring macroeconomic and market conditions.

• Plan to sell some REO assets in 2026, with most REO focused in multifamily.